Best Practice Tips For Payroll Reporting
Payroll Reporting: Requirements, Errors, And Compliance Training Courses
The Basic Requirements For Payroll Reporting
Below are the key payroll reporting requirements, a list of common errors that you should avoid, as well as recommended training courses.
Core Payroll Reporting Compliance AreasEmployers must:
- Report gross wages, hours worked, overtime, bonuses, commissions, and any vacation, sick, or other leaves for employees and contractors
- Report employer-paid payroll taxes, pension/retirement contributions, workers' compensation
premiums, and any unemployment insurance - Withhold income tax, social insurance contributions, and any healthcare or unemployment taxes from employee pay
- Comply with garnishment and levy requirements
- Remit withheld amounts to tax authorities
- File periodic tax returns
- File annual reconciliation forms
Additional Payroll Reporting Compliance RequirementsWhat Are The Most-Common Payroll Recordkeeping And Reporting Mistakes? Below is a list of the most common payroll recordkeeping mistakes:
- Incorrect employee classification, often Independent Contractor vs Employee
- Incomplete or Missing Records
- Poor, incorrect, or not-updated employee information
- Inaccurate Timekeeping, mostly regarding overtime
- Not recording Paid Leave accurately
- Late, missed, or incorrect payroll and tax filings
- Improper handling of payroll corrections
- Poor record retention
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